Financial's "five big articles" help the economy to develop high -quality development

The author of this article Li Chao, Chief Economist of Zhejiang Business Securities; Sun Ou, a macro researcher at Zhejiang Business Securities
2023Year10The first mention of the Central Financial Work Conference held at the end of the month""Do a good job of five major articles on technology finance, green finance, inclusive finance, pension finance, and digital finance"We think we do a good job of finance""Five big articles"It is an inevitable requirement for the transformation and upgrading of my country's economic structure and helping the high -quality development of the economy.To grasp the political and people's nature of financial work in the future, doing a good job of five major articles will be the core work in the field of monetary finance in my country.
>>Technology Finance: Science and Technology Leading Leadership
Science and technology finance ranks first in five major articles, echoing the industrial orientation of my country's modern industrial system and the development of new productive development, which shows its importance.In September 2023, General Secretary Xi Jinping proposed "new productive forces" for the first time during his inspection in Heilongjiang. We believe that the fundamental purpose of developing new quality productivity is to increase the productivity of the whole factor. This needs to be widely used in production and life.One of the main formal forms is the widely used application of humanoid robots.In the process of developing new productivity, financial support is required.In recent years, my country has continued to strengthen the opening of technology, industry, financial channels, science and technology innovation and financial systems and market systems. At present, my country has initially built a bank credit, bond market, stock market, entrepreneurial investment, insurance and financing guarantee, etc. A comprehensive and multi -level science and technology financial service system.
For future policy possibilities, we believe that in addition to continuing to strengthen credit support, more venture capital investment, innovative and entrepreneurial investment funds are required in the early days of technology -based enterprises, there is still much room for growth in direct financing. More science and technology enterprises have issued and listed, promoting all aspects of the "funding and retirement" of the venture capital industry; in terms of debt financing, open green channels for science and technology enterprises to issue debt, deepen the development of my country's high -yield bond market, etc. Effective way.
>>Green Finance: Take advantage of the potential
The core task of green finance is to improve the policy, standards and product systems to promote the green and low -carbon development of my country's economy.At present, my country has initially formed multi -level green financial products and market systems such as green loans, green bonds, green insurance, green funds, green trusts, and carbon financial products.Looking forward to the future, we believe that the carbon emission reduction tools still have more room to expand the increase. In addition, strengthen the performance evaluation of the green finance of financial institutions, incorporate relevant products into the scope of qualified mortgage; vigorously develop my country's carbon trading market, such as incorporated more in more in the carbon trading market. Market participation subjects and industries; continuous and improved green financial standard systems are also key directions.
>>Inclusive Finance: Service Guarantee and Improve the Livelihood
Pratt & Whitney Financial focuses on supporting private economies, small and medium -sized enterprises, "agriculture, rural areas" and other related fields.On the one hand, the central bank's structural monetary policy tools are abundant, the amount of relevant tools is continuously increased, the support is strong, and the MPA assessment also focuses on guidance.In 2018, the central bank, together with relevant departments, launched a "three -branch arrow" policy portfolio against private enterprises. In addition to credit, it strengthened debt and equity financing support.
For future policy possibilities, we believe that for private small and micro enterprises in the early stages of development, we still need to rely on direct financing methods such as angel investment, venture capital, and private equity investment.In addition, the business of promoting the business banks, rural commercial banks, and agricultural credit cooperatives gradually return to its origin, strengthen support for small and micro private enterprises, and encourage commercial banks to issue special financial bonds for small and micro, agriculture and rural enterprises.In the process, risk recognition and risk control are still key tasks.
>>Pension Finance: Improve the system
Pension finance mainly involves widening financing channels for pension service institutions, enriching the supply of related financial product services, providing pension financial planning and capital management, etc., and focuses on supporting the operation of pension institutions, the construction of home community pension systems, and older product manufacturing enterprises.The central bank has increased credit support through innovative re -loans and encouraging financial institutions to innovate pension financial product systems.At present, my country's "three -pillar" endowment insurance system has also been gradually established, and pension wealth management and pension target funds have also preliminary scale.Looking forward to the future, it is important to expand the indirect and direct financing channels of pension institutions, increase the supply of financial products for financial institutions, improve the endowment insurance system, and mobilize social forces to participate in the enthusiasm of the pension industry.
>>Digital Finance: Grasp the major opportunities in the future
Digital finance relies on the rapid development of my country's digital economy.As of 2022, my country's digital economy scale reached 50.2 trillion yuan, an increase of 10.3%year -on -year, accounting for 41.7%of GDP.With the development of the digital economy, the application scenarios of digital finance and the integration of the real economy have also continued to improve. Digital finance includes both the digital and intelligent transformation of financial institutions itself, as well as finance for financial development for the high -quality development of the digital economy.In 2023, my country's mobile payment penetration rate was 86%, ranking first in the world. In recent years, major banks and shares have increased the number of financial technology and increased the number of scientific and technological personnel. Online banking and small programs have been upgraded simultaneously. Offline outlets such as AI AI are AI. Intelligent operation tools such as customer service and self -service processing are launched, which greatly reduces operating costs; 2024 is the "first year" of data assets, and local and financial institutions actively deploy "data elements × financial services", "data asset loan" and so on. Financial products have been landing; my country's digital RMB pilot has been expanded one after another. Since 2023, many banks have landed in digital RMB cross -border payment and cross -border settlement business to reduce payment costs.
>>develop""Five big articles"The impact on the monetary financial system?
1) The Credit Market Department cooperates with the co -cooperation of the Division of the Monetary Policy to strengthen the structural guidance of the capital.2) The central bank's structural expansion, but it needs to take into account the overseas environmental changes.3) Reasonably grasp the relationship between bonds and credit.As described above, in the process of technology and inclusive startups, in the process of direct financing efficiency, improvement of multi -level capital markets, and direct financing, indirect financing will be partially squeezed out, reflected in financial data, oneIn terms of financial data, the amount of financial data has increased and decreased, and the volume and proportion of key areas and weak links will continue to increase; on the other hand, compared with credit data, social financing data is more representative.4) The coordination of fiscal, industry and monetary policy will be the main line of policy.In terms of industries, the patent protection, key industrial development planning in the field of science and technology, the construction of green standard system in the green field, the progress of low -carbon transformation in the industry, and digital hardware and software infrastructure construction in the digital field are worthy of attention.In terms of finance, the focus of structural tax cuts, extension of principal and interest, and targeted subsidies is also an important policy signal. "Several lifts" of currencies, finances, and industries can better form policy co -operating.
>>risk warning
1) Structural policy is less than expected;2) my country's economic fundamentals cannot be restored as expected, so that policy choices are mainly regulated by total quantitative regulation;3) The Fed's monetary policy continues to be tight, which makes my country's exchange rates and international revenue and expenditure bearing pressure to restrain domestic monetary policy.